New Century Financial Group LLC Buys New Holdings in Upwork Inc. (NASDAQ:UPWK)

New Century Financial Group LLC bought a new position in shares of Upwork Inc. (NASDAQ:UPWK - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 67,869 shares of the company's stock, valued at approximately $886,000. Upwork makes up about 1.0% of New Century Financial Group LLC's portfolio, making the stock its 23rd biggest position. New Century Financial Group LLC owned 0.05% of Upwork at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC bought a new stake in shares of Upwork during the 4th quarter valued at approximately $806,000. Bayesian Capital Management LP acquired a new stake in Upwork in the fourth quarter valued at approximately $1,019,000. Dorsey Asset Management LLC grew its stake in shares of Upwork by 15.0% during the fourth quarter. Dorsey Asset Management LLC now owns 3,045,142 shares of the company's stock worth $49,788,000 after buying an additional 397,997 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Upwork by 385.2% during the fourth quarter. Ameriprise Financial Inc. now owns 232,128 shares of the company's stock worth $3,795,000 after buying an additional 184,289 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Upwork during the fourth quarter worth $419,000. Institutional investors and hedge funds own 77.71% of the company's stock.

Insider Activity

In other Upwork news, CAO Olivier Marie sold 3,105 shares of Upwork stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $17.14, for a total value of $53,219.70. Following the completion of the sale, the chief accounting officer now directly owns 1,294 shares in the company, valued at approximately $22,179.16. The trade was a 70.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Layton sold 250,000 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $17.47, for a total value of $4,367,500.00. Following the transaction, the director now owns 1,867,769 shares in the company, valued at $32,629,924.43. The trade was a 11.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 496,440 shares of company stock valued at $8,511,502 in the last ninety days. 7.60% of the stock is owned by company insiders.

Upwork Trading Down 1.2%

Upwork stock traded down $0.17 during mid-day trading on Tuesday, hitting $13.56. 1,696,067 shares of the stock were exchanged, compared to its average volume of 2,266,540. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 8.12 and a beta of 1.44. Upwork Inc. has a 12 month low of $8.43 and a 12 month high of $18.14. The company has a quick ratio of 3.41, a current ratio of 3.41 and a debt-to-equity ratio of 0.60. The firm's fifty day simple moving average is $14.74 and its two-hundred day simple moving average is $15.19.

Upwork (NASDAQ:UPWK - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $0.34 earnings per share for the quarter, topping analysts' consensus estimates of $0.25 by $0.09. The business had revenue of $192.71 million during the quarter, compared to the consensus estimate of $188.49 million. Upwork had a net margin of 30.46% and a return on equity of 48.38%. Upwork's quarterly revenue was up .9% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 earnings per share. Analysts forecast that Upwork Inc. will post 0.84 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Citigroup reissued an "outperform" rating on shares of Upwork in a report on Friday, May 16th. BTIG Research downgraded Upwork from a "buy" rating to a "neutral" rating in a research report on Friday, April 4th. Wall Street Zen raised Upwork from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Scotiabank started coverage on Upwork in a report on Wednesday, March 12th. They set a "sector perform" rating and a $15.00 price target on the stock. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $18.00 price objective on shares of Upwork in a report on Monday, June 2nd. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Upwork presently has a consensus rating of "Moderate Buy" and an average price target of $18.67.

About Upwork

Upwork Inc, together with its subsidiaries, operates a work marketplace that connects businesses with various independent professionals and agencies in the United States, India, the Philippines, and internationally. The company's work marketplace provides access to talent with various skills across a range of categories, including administrative support, sales and marketing, design and creative, and customer service, as well as web, mobile, and software development.